Carvana (NYSE:CVNA) PT Raised to $130.00 at Royal Bank of Canada

Carvana (NYSE:CVNA) had its price objective lifted by investment analysts at Royal Bank of Canada from $90.00 to $130.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 6.85% from the company’s previous close.

Several other equities research analysts have also commented on CVNA. TD Cowen raised their price target on shares of Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Robert W. Baird increased their price objective on shares of Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday. William Blair upgraded shares of Carvana from a “market perform” rating to an “outperform” rating in a report on Friday, February 23rd. Morgan Stanley increased their price objective on shares of Carvana from $32.00 to $45.00 and gave the company an “underweight” rating in a report on Monday, February 26th. Finally, Jefferies Financial Group upgraded shares of Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Carvana presently has an average rating of “Hold” and a consensus target price of $73.44.

Carvana Trading Up 4.4 %

CVNA traded up $5.17 on Thursday, hitting $121.67. 8,528,363 shares of the company’s stock were exchanged, compared to its average volume of 5,397,261. The firm has a market cap of $24.57 billion, a PE ratio of 53.36 and a beta of 3.28. Carvana has a twelve month low of $6.92 and a twelve month high of $124.20. The stock has a fifty day moving average of $81.81 and a two-hundred day moving average of $55.88.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.97) EPS. On average, analysts predict that Carvana will post -3.32 EPS for the current year.

Insider Buying and Selling

In related news, VP Stephen R. Palmer sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total value of $433,750.00. Following the completion of the transaction, the vice president now owns 62,514 shares of the company’s stock, valued at approximately $5,423,089.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Carvana news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $86.75, for a total value of $433,750.00. Following the completion of the sale, the vice president now owns 62,514 shares in the company, valued at approximately $5,423,089.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ernest C. Garcia III sold 18,100 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $116.24, for a total transaction of $2,103,944.00. Following the completion of the sale, the chief executive officer now owns 896,449 shares of the company’s stock, valued at approximately $104,203,231.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 442,233 shares of company stock valued at $38,200,169. Company insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC raised its holdings in shares of Carvana by 59.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,687 shares of the company’s stock valued at $113,000 after purchasing an additional 1,006 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Carvana by 12.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 19,200 shares of the company’s stock valued at $806,000 after purchasing an additional 2,100 shares in the last quarter. Xponance Inc. bought a new position in shares of Carvana during the 3rd quarter valued at $240,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Carvana by 20.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,324 shares of the company’s stock valued at $769,000 after purchasing an additional 3,115 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Carvana during the 3rd quarter valued at $236,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Company Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.